News

New Digital Cards To Help Banks Combat Online Fraud

Banks in the UK could soon be rolling out a new type of card, which would majorly reduce cases of online fraud. This new type of card would see the 3 digit security number on the reverse of the card replaced by a randomly generated number which changes every 20 minutes.

This new technology is being developed by Gemalto. The system is called Dynamic Code Verification (DCV), and it certainly looks promising.

The card will contain a battery along with a microchip, and it will be interesting to see if these components can be squeezed into a bank card, or if ATM’s would need to be adapted.

The feature is also being brought to mobile in the form of an app. Both methods will obviously require the card or phone to be physically present, however, this does make it slightly less convenient if either or these were lost or stolen.

At present, most people either remember their 3 digit security number, or have their details saved to the website, these methods would be rendered useless in the case of a lost or stolen card, and that quick purchase you wanted to make, would be put on hold.

Online fraud is a common problem, and is on the rise as noted in this years FFA report. Senior fraud prevention officer at the Dedicated Card and Payment Crime Unit, Tony Blake, works closely with the FFA and he said;

“It is a huge growth area and criminals are always looking at new ways to make money as more of us go online to do our shopping. The dynamically changing digital security number on the back of the card is one of the things in development which looks quite promising.”

Have you ever been a victim of online fraud? Do you think this technology is needed? How long would it be before fraudsters found a way around the system?

 

Anthony Cartwright

Disqus Comments Loading...

Recent Posts

NVIDIA’s RTX 50 Series Graphics Cards Might Be Delayed Until 2025

Nvidia's next-generation graphics cards, the RTX 50 series, may not hit the market until 2025.…

7 hours ago

AMD Releases New Frame Latency Meter Tool

AMD has launched the Frame Latency Meter (FLM) tool, which measures the response time of…

7 hours ago

Stardew Valley Creator Vows Never to Charge for DLC

Eric Barone, known as ConcernedApe, the creator of Stardew Valley, has committed to never charge…

7 hours ago

MINISFORUM Launches the MS-A1 Mini PC

MINISFORUM is pleased to introduce the MS-A1, the world's most compact and adaptable AM5 platform…

9 hours ago

ASRock Unveils New PG27FFT1A and PG27FFT1B Gaming Monitors

ASRock just revealed two new gaming monitors, the PG27FFT1A and PG27FFT1B, and they're taking their…

9 hours ago

Team Group 8Pack Edition 16GB (2x8GB) DDR4 PC4-28800C16 3600MHz Dual Channel

Premium Samsung B-dies for maximum compatibility and stability Low CAS latencies of 16-16-16-36 & 3600…

10 hours ago